PayPal alternatives: 10 competitors to consider in 2024

Established in 1998, PayPal has long been the pioneer in online payments. It supports international payments to 200+ countries and 25 currencies, and over 200 million merchants worldwide accept PayPal payments.

Payments with PayPal are also known to be secure and fast. Users are protected with its robust encryption and transfers take 30 minutes or less with instant transfer or 1 – 3 business days with standard transfer.

Despite the convenience, many customers are looking for PayPal alternatives due to its high fees. Users are charged approximately 4.99% of the total value + US$0.49 for every international transfer, excluding the exchange rate markups.

Fortunately, finding alternatives is now easier. As you can find in this article, many apps like PayPal offer similar convenience for paying online merchants or transferring money overseas, but with more affordable fees.

10 Apps Like PayPal: An Overview 

We’ll review 10 similarly convenient apps like PayPal that offer more affordable fees and are worth considering in 2024. These include:

• Instarem
• Revolut
• Wise
• Stripe
• Remitly
• Payoneer
• TransferGo
• Panda Remit
• SingX
• OFX

Make sure you choose the most suitable PayPal alternative to your finance needs. Read on to learn more.

1. Instarem 

Instarem is a global payment solution that supports cross-border transfers to 60+ countries in 10 currencies. It offers a lower pricing structure than PayPal; users are charged 0.25% to 1% on transfer fees without hidden extras on exchange rate markups.

For every transaction made through Instarem, you’ll be instantly rewarded with InstaPoints. Later, you can redeem them for cashback or discount vouchers for future payments, making it a truly worth trying PayPal alternative.

If you’re a Singapore resident, Instarem provides you with a multi-currency card known as amaze card. With amaze card, you can travel and spend abroad like a local, without the burden of unfavourable exchange rate markups.

List of 36 Countries You Can Set Up an Instarem Account 

• Australia
• Austria
• Belgium
• Bulgaria
• Croatia
• Cyprus
• Czech Republic
• Denmark
• Estonia
• Finland
• France
• Germany
• Greece
• Hong Kong
• Hungary
• Iceland
• India
• Ireland
• Italy
• Latvia
• Lithuania
• Luxembourg
• Malaysia
• Malta
• Netherlands
• Norway
• Poland
• Portugal
• Romania
• Singapore
• Slovakia
• Slovenia
• Spain
• Sweden
• United Kingdom
• United States of America

How Does Instarem Differ From PayPal?

Payments made through Instarem are sent directly to the recipient’s bank account. Meanwhile, with PayPal, transfers are made between PayPal accounts; if the recipient wants the funds in their bank, they must withdraw them manually, which incurs additional fees.

Another difference to highlight is their scope. PayPal’s services encompass online purchases, billing payments, and domestic and international transfers, whereas Instarem focuses on providing low-cost and transparent cross-border transfers.

Instarem Pros and Cons 

Pros:

• Low-cost fees
• Competitive exchange rates
• InstaPoints reward system
• amaze card/multicurrency wallet (available in Singapore)
• Scheduled transfers (available in Singapore)
• Convenient funding methods (bank transfers, debit and credit cards, and PayNow)

Cons:

• Limited countries and currencies coverage
• Restrictions for users from certain countries to register
• The cash pickup option is only available in the Philippines

When to Use Instarem?

Instarem makes an excellent PayPal alternative whenever you need to make cross-border payments with more affordable costs. You can enjoy this convenience as long as you’re a resident of the supported countries.

2. Revolut 

Revolut is a UK-based neobank offering comprehensive banking services. Users can make cross-border payments, where you can send money to 150+ countries in 40+ currencies, and enjoy other features such as saving vaults, crypto trading, joint accounts, and more.

Additionally, Revolut also provides a virtual and physical card. Customers can use the card to shop online, spend abroad, and withdraw cash from overseas ATMs with small fees imposed.

Overall, its cost-effectiveness and comprehensive features make it a worthwhile PayPal alternative. Revolut allows users to save more on currency conversion and transfer fees, while also benefiting from its innovative banking services.

List of Regions You Can Set Up a Revolut Account

Revolut is available to use and is a viable PayPal alternative in the following regions:

• European Economic Area (EEA)
• Australia
• New Zealand
• Singapore
• Japan
• Brazil
• Switzerland
• United Kingdom
• United States of America

How is it Different From PayPal?

Revolut stands out from PayPal due to its comprehensive, innovative banking features such as saving vaults, crypto trading, joint accounts, and more. Aside from that, the transfer fees and exchange rates it incurs are more cost-effective when compared to PayPal.

Revolut Pros and Cons

Pros:

• Low-cost overseas bank transfers
• Fee-free transfers up to a certain limit
• More comprehensive features

Cons:

• Limited countries and currencies coverage
• Unavailable in certain regions
• Limited customer service support

When to Use Revolut?

Revolut makes an ideal PayPal alternative if you’re looking for comprehensive banking features and a convenient, cost-effective card for global spending. By using Revolut, you can manage your finances more effectively without worrying about high fees.

3. Wise

Wise is a global payment solution that makes a decent PayPal alternative due to its low-cost transfers to 80+ countries and 50+ currencies. The fees incurred are only around 0.4% of the value and there are no hidden exchange rate markups to surprise you.

The given pricing structure is far below what PayPal offers – approximately 4.99% of the total value + $0.49. This, in turn, using Wise can result in substantial savings, provided that Wise operates in both your country and the recipient’s country.

Where Can I Set Up A Wise Account From?

You can set up a Wise account in most of the countries around the world. But there are some regions where you can’t sign up or log in to a Wise account, including:

• Afghanistan
• Belarus
• Burundi
• Central African Republic
• Chad
• Congo
• Democratic Republic of the Congo
• Cuba
• Region of Crimea
• Eritrea
• Iran
• Iraq
• North Korea
• Libya
• Myanmar
• Somalia
• Republic of South Sudan
• Russia
• Sudan
• Syria
• Yemen
• Venezuela
• Ukraine regions: Donetsk, Luhansk, Kherson, Zaporizhzhia

How is it Different From PayPal? 

Wise presents a more competitive and transparent pricing structure than PayPal’s. This ensures users enjoy more predictable and cost-effective transactions when receiving or sending money abroad.

Wise Pros and Cons

Pros:

• Low-cost and transparent fees
• Mid-market exchange rate
• Bank-to-bank transfers
• Fee-free balance withdrawal (twice per month)

Cons:

• Limited availability in certain regions
• Time-constraint customer support
• Limited merchant support

When to Use Wise?

As a PayPal alternative, Wise is best used for more affordable and transparent international transfers. Its pricing structure is far lower than PayPal, allowing you to save more money on fees and exchange rate markups.

4. Stripe

Stripe is a payment-processing fintech that businesses can use as a PayPal alternative. Using it will allow them to streamline payment operations, accept payments from customers, and manage their finances more efficiently, thanks to its powerful customisation capabilities.

List of Countries You Can Set Up a Stripe Account

Businesses operating in the following countries can set up a Stripe account and accept payments from all over the world:

• Australia
• Austria
• Belgium
• Brazil
• Bulgaria
• Canada
• Croatia
• Cyprus
• Czech Republic
• Denmark
• Estonia
• Finland
• France
• Germany
• Ghana (extended network)
• Gibraltar
• Greece
• Hong Kong
• Hungary
• India
• Indonesia (invite only)
• Ireland
• Italy
• Japan
• Kenya (extended network)
• Latvia
• Liechtenstein
• Lithuania
• Luxembourg
• Malaysia
• Malta
• Mexico
• Netherlands
• New Zealand
• Nigeria (extended network)
• Norway
• Poland
• Portugal
• Romania
• Singapore
• Slovakia
• Slovenia
• South Africa (extended network)
• Spain
• Sweden
• Switzerland
• Thailand
• United Arab Emirates
• United Kingdom
• United States

How is it Different From PayPal? 

Stripe, with its developer-centric approach and customisable APIs, is designed for businesses looking for a simpler way to receive payments from customers around the world, while PayPal also provides services catered to individual users.

Stripe’s fees are also more predictable than those charged by PayPal. Stripe charges a flat rate of 2.9% + $0.30 for each successful transaction, whereas PayPal’s rates range from 2.59% to 3.49% + $0.49.

Stripe Pros and Cons

Pros:

• A flat fee of 2.9% + $0.30 for each transaction
• Customisable features
• Widely supported across the globe

Cons:

• Technical complexity
• Limited availability for business users
• Only for receiving payments

When to Use Stripe?

Stripe is an ideal PayPal alternative when you’re looking for a customisable online payment experience for your business. Its developer-friendly nature allows you to tailor the payment interface, features, and functionality to match your brand.

5. Remitly

Remitly is a well-established remittance service that provides international transfers to 170+ countries in 100+ currencies. It stands out as a popular PayPal alternative due to its wide coverage for global transfers, which closely mirrors PayPal’s, but with more competitive fees and exchange rates.

The transfer fees with Remitly vary based on the transfer value and delivery speed you choose. They begin to be free when you send more than $500 using the Economy option, while sending less than that or selecting the Instant option incurs a small additional fee.

Additionally, the exchange rate markups are more competitive with Remitly than with PayPal. Remitly charges an extra 0.5% to 3% margin above the mid-market exchange rate. Conversely, PayPal often charges higher, unpredictable margins.

List of Countries You Can Set Up a Remitly Account 

Here’s the list of countries where Remitly is available:

• Australia
• Austria
• Belgium
• Canada
• Cyprus
• Czech Republic
• Denmark
• Finland
• France
• Germany
• Greece
• Ireland
• Italy
• Latvia
• Liechtenstein
• Lithuania
• Malta
• The Netherlands
• New Zealand
• Norway
• Poland
• Portugal
• Romania
• Singapore
• Slovakia
• Spain
• Sweden
• United Arab Emirates
• United Kingdom
• United States

How is it Different From PayPal?

Remitly’s difference from PayPal lies mainly in its pricing structure. With Remitly, you can wire money internationally with small to no fees while PayPal charges 4.99% of the total value + US$0.49.

The exchange rate markups are also more competitive with Remitly, as it charges anywhere between 0.5% to 3% above the mid-market exchange rate. Whereas PayPal does not disclose its markups, leaving users with unsettling hidden fees.

Remitly Pros and Cons

Pros:

• Wide coverage with transfers to 170+ countries and 100+ currencies
• Flexible delivery options, including cash pickups, bank deposits, and mobile money
• Competitive exchange rates

Cons:

• Higher markups for some currencies
• Restricted availability for users in certain countries to set up an account
• US$2,999 daily transfer limit

When to Use Remitly?

Remitly is an excellent, more affordable PayPal alternative when it comes to sending money to less popular currencies. Its coverage of 170+ countries and 100+ currencies allows you to easily transfer funds to almost anywhere in the world and save more on the extra fees.

6. Payoneer

Payoneer is another PayPal alternative to consider for cross-border online transfers and B2B payments. It’s one of the preferred solutions for sending or receiving money among businesses, online retailers, and freelancers, thanks to its wide coverage in 200+ countries.

List of Countries You Can Set Up a Payoneer Account

Payoneer is available and supported in the vast majority of regions worldwide. However, restrictions apply to the following countries:

• Afghanistan
• Belarus
• Cuba
• Iran
• North Korea
• Somalia
• Sudan
• Syria
• Venezuela

How is it Different From PayPal?

Payoneer provides services to businesses, online retailers, and freelancers, allowing for seamless business money transfers. PayPal, on the other hand, supports both business and personal transactions.

Both platforms also have different pricing models. Payoneer charges 2% to 3.5% of the value for sending money abroad. Meanwhile, PayPal international transfers cost more (4.99% of the value + $0.49), making Payoneer a more cost-efficient PayPal alternative.

Payoneer Pros and Cons

Pros:

• Supports more regions around the world
• Offers more affordable transfer fees
• Has more features for B2B payments

Cons:

• Limited to business users
• Less supported currencies
• Transfers take longer (up to 5 working days)

When to Use Payoneer?

Payoneer is the right PayPal alternative for receiving business payments at a slightly lower cost. Payoneer offers the same convenience as PayPal, but with more competitive fees, allowing you to save more of what you earn.

7. TransferGo

TransferGo was founded with a main goal in mind; providing hard-working migrants with simpler, better financial services. This is why it supports international transfers to 160+ countries and 10+ currencies, allowing users to easily send money to loved ones back home.

TransferGo is also a cheaper way to send money to family and friends, making it worth considering as a PayPal alternative. It charges between £0 and £0.99 for next-day delivery and varies based on the transfer value for instant delivery.

List of Countries You Can Set Up a TransferGo Account

TransferGo is available in 34 countries, meaning if you’re a resident of the following regions, you can use its services to send money globally:

• Austria
• Belgium
• Croatia
• Cyprus
• Czech Republic
• Denmark
• Estonia
• Finland
• France
• Germany
• Greece
• Hungary
• Iceland
• Ireland
• Italy
• Latvia
• Liechtenstein
• Lithuania
• Luxembourg
• Malta
• Monaco
• Netherlands
• Norway
• Poland
• Portugal
• Romania
• San Marino
• Slovakia
• Slovenia
• Spain
• Sweden
• Switzerland
• Turkey
• United Kingdom

How is it Different From PayPal?

As a PayPal alternative, TransferGo’s pricing is more affordable. With TransferGo, the fees charged are between £0 and £0.99 for next-day delivery, whereas if you want to transfer your money instantly (around 30 minutes) the fees vary depending on the value.

On the contrary, PayPal charges significantly more. Each international transfer will incur a fee of 4.99% of the total value plus US$0.49. This excludes the exchange rate markups charged by PayPal.

TransferGo Pros and Cons

Pros:

• Affordable and transparent pricing
• Competitive exchange rates
• £20 bonus for referring someone to use it

Cons:

• Limited supported countries to send money from
• Limited customer support – not available 24/7

When to Use TransferGo?

TransferGo is your go-to choice if you reside in one of the supported countries (mostly Europe) and wish to send money abroad across 160+ regions. The fees for global transfers are generally more affordable than using PayPal.

8. Panda Remit

First launched in Hong Kong, Panda Remit has grown rapidly and is a viable PayPal alternative. It offers a competitive pricing structure, with more affordable transfer fees and favourable exchange rates than PayPal for transferring money to 40+ countries worldwide.

List of Countries You Can Set Up a Panda Remit Account

Panda Remit is now available in 40 countries, and you can transfer money overseas from:

• Canada
• United States
• Australia
• New Zealand
• Japan
• China
• Hong Kong, China
• Singapore
• South Korea
• United Kingdom
• Hungary
• Czech Republic
• Romania
• Denmark
• Poland
• Bulgaria
• Norway
• Sweden
• Italy
• Spain
• France
• Germany
• The Netherlands
• Greece
• Belgium
• Portugal
• Luxembourg
• Ireland
• Finland
• Lithuania
• Latvia
• Estonia
• Slovakia
• Croatia
• Austria
• Malta
• Cyprus
• Slovenia
• San Marino
• Brazil

How is it Different From PayPal? 

Panda Remit and PayPal differ in the number of countries they support. Panda Remit’s coverage is still lower than PayPal’s, as it only supports 40 countries, whereas PayPal is available almost anywhere in the world.

Panda Remit Pros and Cons

Pros:

• More affordable pricing
• Fast transfers
• Fully licensed by Hong Kong’s MSO and Singapore’s MAS

Cons:

• Lack of fee transparency
• Restrictions for users from certain countries to register
• $100 minimum transfer limit

When to Use Panda Remit?

Using Panda Remit will be beneficial if you are a legal resident of one of the supported countries and want to send $100 or more overseas at a lower cost. Panda Remit’s delivery time is also reliable, as your money will be delivered within 1 – 3 working days.

9. SingX

SingX is a PayPal alternative for Singapore residents to send money out of Singapore. It allows for international transfers to 170+ countries around the world at competitive exchange rates and low fees.

Where Can I Set Up a SingX Account From? 

SingX is only available for Singapore legal residents at the moment.

How is it Different From PayPal?

SingX is primarily aimed at Singapore residents. PayPal, on the other hand, has a broader and prominent global presence.

SingX Pros and Cons

Pros:

• Low fees
• Competitive exchange rates
• Local support

Cons:

• Limited only for Singapore legal residents
• Unable to receive money from overseas
• Registration can only made through email

When to Use SingX?

For Singapore residents, SingX is an excellent PayPal alternative to send money overseas at a lower cost.

10. OFX 

OFX is a global payment solution that offers 24/7 personalised broker support to send money overseas in large amounts. With OFX, you can make transfers to 190 countries in 55 currencies without worrying about uncertainties around exchange rates and transfer fees.

List Of 8 Countries Where Users Can Set Up An OFX Account:

Currently, OFX only supports 8 countries for registering and making transactions. These include:

• Singapore
• Australia
• Hong Kong
• Canada
• Europe
• New Zealand
• United Kingdom
• United States

How is it Different From PayPal?

OFX stands out as a PayPal alternative due to its personalised broker support. This is especially important if you’re sending a large amount of money, as the service gives you better peace of mind.

OFX Pros and Cons

Pros:

• 24/7 personalised support
• Global coverage with transfers to 190 countries in 55 currencies
• Capabilities for handling large amounts

Cons:

• US$1,000 transfer minimum
• Exchange rate markups
• Only support bank-to-bank transfers

When to Use OFX?

OFX is the most ideal PayPal alternative when you’re sending a large amount of money overseas. It provides you with personalised broker support, allowing you to make an informed decision on your transaction.

Fees, Exchange Rate Markups, and Supported Countries: Comparison Between PayPal’s Competitors

Best PayPal Alternatives Based on The Destination Country 

Still unsure about which PayPal alternative to choose? We’ll take you to discover the right one based on the destination country you’re sending money to.

• India: Sending money to India is made easier and more cost-effective with Instarem. The transfer fees are around 0.25% to 1% of the transfer value, with no extra fees on exchange rate markups.
• Philippines: Similar to Hong Kong, many providers are offering remittances to the Philippines. But with Instarem you can save more on your transfer and choose the cash pickup payout method for your recipient.
• Indonesia: Previously Wise was a popular method for sending money to Indonesia affordably. However, due to recent regulatory changes, you may opt for other options. In this case, you can use Instarem to enjoy similarly low transfer fees.

Affordable and Reliable PayPal Alternative For Global Transfers: Instarem 

Among other PayPal alternatives, Instarem stands out by offering affordable transfer fees and reliable delivery time. For a global payment, you’ll only be charged as little as 0.25% to 1% with no hidden fees and your transfer will be delivered quickly – 70% of transactions are completed within 15 minutes.

Instarem also caters to wide needs by providing Instarem Personal and Instarem Business. The first caters to individuals wanting to send money to friends or family, while the latter is designed for enterprises to streamline their global business payments.

Download the app or sign up on the web and see how easy it is to send money with Instarem.

FAQs

What is the best PayPal alternative?

Choosing the best PayPal alternative depends on your needs. Here are the 10 options you can choose from:

• Instarem
• Revolut
• Wise
• Stripe
• Remitly
• Payoneer
• TransferGo
• Panda Remit
• SingX
• OFX

How much does PayPal charge for international transfers?

PayPal charges 4.99% of the transfer value + $0.49 for international transfers. But it doesn’t include the exchange rate markups, which fluctuate depending on the currencies involved.

Disclaimer: This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with the products or vendors mentioned.